Common use of Subordination on Insolvency Clause in Contracts

Subordination on Insolvency. If any of the events set out in Clauses 20.6 (Insolvency) to 20.10 (Analogous proceedings) (inclusive) of the Credit Agreement occurs THEN (a) the Junior Debt will be subordinate in right of payment to the Senior Debt; (b) the Agent may, and is irrevocably authorised on behalf of the Junior Creditor to, (i) claim, enforce and prove for the Junior Debt, (ii) file claims and proofs, give receipts and take all such proceedings and do all such things as the Agent reasonably sees fit to recover the Junior Debt and (iii) receive all distributions on the Junior Debt for application towards the Senior Debt; (c) if and to the extent that the Agent is not entitled to do any of the foregoing, the Junior Creditor will do so in good time as reasonably directed by the Agent; (d) the Junior Creditor will hold all distributions in cash or in kind received or receivable by it in respect of the Junior Debt from the Company or from any other source in trust for the Finance Parties and will (at the Junior Creditor's expense) pay and transfer the same to the Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full; and (e) the trustee in bankruptcy, liquidator, assignee or other person distributing the assets of the Company or their proceeds is directed to pay distributions on the Junior Debt direct to the Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full. The Junior Creditor will give all such notices and do all such things as the Agent may reasonably direct to give effect to this provision.

Subordination on Insolvency. If any of the events set out in Clauses 20.6 19.6 (Insolvency) to 20.10 19.10 (Analogous proceedings) (inclusive) of the Credit Agreement occurs THEN (a) the Junior Debt will be subordinate in right of payment to the Senior Debt; ; (b) the Facility Agent may, and is irrevocably authorised on behalf of the Junior Creditor to, (i) claim, enforce and prove for the Junior Debt, (ii) file claims and proofs, give receipts and take all such proceedings and do all such things as the Facility Agent reasonably sees fit to recover the Junior Debt and (iii) receive all distributions on the Junior Debt for application towards the Senior Debt; ; (c) if and to the extent that the Facility Agent is not entitled to do any of the foregoing, the Junior Creditor will do so in good time as reasonably directed by the Facility Agent; ; (dx) the Junior Creditor will hold all distributions in cash or in kind received or receivable by it in respect of the Junior Debt from the Company or from any other source in trust for the Finance Parties and will (at the Junior Creditor's expense) pay and transfer the same to the Facility Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full; and and (e) the trustee in bankruptcy, liquidator, assignee or other person distributing the assets of the Company or their proceeds is directed to pay distributions on the Junior Debt direct to the Facility Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full. The Junior Creditor will give all such notices and do all such things as the Facility Agent may reasonably direct to give effect to this provision.

Subordination on Insolvency. If any of the events set out in Clauses 20.6 19.6 (Insolvency) to 20.10 19.10 (Analogous proceedings) (inclusive) of the Credit Agreement occurs THEN (a) the Junior Debt will be subordinate in right of payment to the Senior Debt; ; (b) the Facility Agent may, and is irrevocably authorised on behalf of the Junior Creditor to, (i) claim, enforce and prove for the Junior Debt, (ii) file claims and proofs, give receipts and take all such proceedings and do all such things as the Facility Agent reasonably sees fit to recover the Junior Debt and (iii) receive all distributions on the Junior Debt for application towards the Senior Debt; ; (c) if and to the extent that the Facility Agent is not entitled to do any of the foregoing, the Junior Creditor will do so in good time as reasonably directed by the Facility Agent; ; (d) the Junior Creditor will hold all distributions in cash or in kind received or receivable by it in respect of the Junior Debt from the Company or from any other source in trust for the Finance Parties and will (at the Junior Creditor's expense) pay and transfer the same to the Facility Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full; and and (e) the trustee in bankruptcy, liquidator, assignee or other person distributing the assets of the Company or their proceeds is directed to pay distributions on the Junior Debt direct to the Facility Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full. The Junior Creditor will give all such notices and do all such things as the Facility Agent may reasonably direct to give effect to this provision.

Subordination on Insolvency. If any of the events set out in Clauses 20.6 18.6 (Insolvency) to 20.10 18.10 (Analogous proceedings) (inclusive) of the Credit Agreement occurs exists THEN (a) the Junior Debt will be subordinate in right of payment to the Senior Debt; (b) the Agent may, and is irrevocably authorised on behalf of the Junior Creditor to, (i) claim, enforce and prove for the Junior Debt, (ii) file claims and proofs, give receipts and take all such proceedings and do all such things as the Agent reasonably sees fit to recover the Junior Debt and (iii) receive all distributions on the Junior Debt for application towards the Senior Debt; (c) if and to the extent that the Agent is not entitled to do any of the foregoing, the Junior Creditor will do so in good time as reasonably directed by the Agent; (d) the Junior Creditor will hold all distributions in cash or in kind received or receivable by it in respect of the Junior Debt from the Company or from any other source in trust for the Finance Parties and will (at the Junior Creditor's expense) pay and transfer the same to the Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full; and (e) the trustee in bankruptcy, liquidator, assignee or other person distributing the assets of the Company or their proceeds is directed to pay distributions on the Junior Debt direct to the Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full. The Junior Creditor will give all such notices and do all such things as the Agent may reasonably direct to give effect to this provision.